Contract management process describes the methods, strategies, and concepts that companies use to streamline their contracting processes. From ensuring that contract obligations are being met and reporting to analyzing data from contracts There’s a lot goes into managing contracts, particularly once they’ve been created and executed.
The process of managing contracts can be broken into the following phases:
1. Contract Drafting
Contracts are vital for the conduct of business and also the setting of boundaries in relationships. The process of contracting is usually lengthy and laborious, which can lead to delays and obstacles. Fortunately, the advancement of technology has made the process simpler. Digital collaboration with automated review and tracking small business contract management software changes have significantly reduced the length of contract drafting. In addition special software for managing contracts, such as JAGGAER Contracts can help to reduce mistakes made by hand, thanks to auto-generation.
2. Contract Negotiation
Negotiating terms and conditions is the next step in the management of contracts. It can be a challenging cross-departmental task that often involves different versions of the contract. The goal is to arrive at a mutually acceptable agreement that is acceptable to both parties and in line with the legal and commercial policies. Contract management software can help speed up the negotiation and writing process by providing templates including clauses, clauses, and approved text. It also helps automate the process of reviewing and approving by facilitating digital collaborative and allowing teams submit their reviews anytime and from any location. It’s also simple to utilize electronic signatures in CPQ to expedite the executing process as well as to reduce the turnaround time of contracts by up to 80 percent.
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